Is Bitcoin “Bigger than General Electric”?

GeneralElectric I’ve seen a lot of headlines like these lately, and so I’ll take a moment to point out how wrong-minded they are. To compare Bitcoin (or any cryptocurrency) to a company is just wrong. As I keep saying, Bitcoin is not an investment. That is, It’s not a share of ownership in a corporation, like a stock. It’s not a promise of debt repayment, like a bond. Bitcoin is a …

ROSC 15: Building Ourselves a City

ROSC15 Theorizing is one thing; doing is quite another. No matter how good you think your theories are, applying them to the real world is always a revelation. More than that, actually doing is far more fun that theorizing. And right now hundreds of thousands of young people (and a lot of older ones too) are building the economy of the future. It’s a magnificent thing to be part of. The …

The Problem with the Crypto Debate

CryptoDebate There have been some important public debates about cryptography recently, and, unfortunately, the loudest voices have understood the problem the least. So, I’m very pleased to post a paper on the subject by someone who understands the fundamental issue: my associate at Cryptohippie, Jonathan Logan. If you have any interest in this subject, please give this paper your time. And if you know others who are interested in the debate, …

Prostrate Yourselves! The Crypto Wars Are Back, and This Time Big Brother Aims to Win

cryptowars In 284 AD the Roman empire was in deep trouble. But then a soldier named Diocletian rode into town as the new emperor. This was the man who rearranged Rome and set it up to endure (even as it declined) for another 180 years. How he did this was simple: autocratic control, AKA tyranny. Diocletian gave up the illusion that the emperor was merely the leading citizen. He was the …